BTL Announces Non-Brokered Private Placement for Up to $8 Million of Equity Units

BTL Group (TSXV:BTL) has announced a proposed non-brokered private placement of up to 1.63 million equity units of BTL at $4.90 per unit for gross proceeds of $8 million.
As quoted in the press release:

Each Equity Unit will be comprised of one (1) common share of BTL and one-half of one (1/2) common share purchase warrant of BTL (a “Warrant“). Each whole Warrant will entitle the holder to acquire one (1) common share of BTL for a period of 12 months from the date of issuance of the Warrant, at an exercise price of CAD$7.00 per share.
The Private Placement is subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws.
BTL intends to use the proceeds from the Private Placement in connection with final development of Interbit™, BTL’s proprietary third generation blockchain platform, and towards general and administrative expenses.
BTL may pay a commission or finder’s fee to eligible parties in connection with the Private Placement, subject to the approval of the TSX Venture Exchange and compliance with applicable securities laws.

Click here to read the full press release.